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I remember walking through a financial “advisor” about whole life. As a tax professional I instantly knew something was wrong when he said the dividends would be tax free. There is no free lunch so it was hilarious to me to when I read into the policy and saw it’s only not taxable because it’s you getting your own money back. Also borrowing from yourself with interest is probably the dumbest thing you could do. Why not just save the money instead of sending it to your policy and then using that money when you need it instead of borrowing against it.
Because they claim the compounded intrest on the cash value out weighs what you pay to insurance company.....such bs especially these parasites get up to 100 percent commission of paid premiums for tge first year
You’re talking about the estate tax? This video is about life insurance so generally speaking no you don’t get taxed for that. Interest and earnings will need to be reported
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Thank you for providing reasonable, calm, and well thought out videos instead of click bait
Gee, I can't wait to give away my money with only an option to borrow against it.
lol it’s a scam anything with insurance is not a investment
I agree that insurance and investment should be separate
Who told you it's an investment?
@@samsciascia4004 lol the people who try to sell you them
I remember walking through a financial “advisor” about whole life. As a tax professional I instantly knew something was wrong when he said the dividends would be tax free. There is no free lunch so it was hilarious to me to when I read into the policy and saw it’s only not taxable because it’s you getting your own money back.
Also borrowing from yourself with interest is probably the dumbest thing you could do. Why not just save the money instead of sending it to your policy and then using that money when you need it instead of borrowing against it.
Because they claim the compounded intrest on the cash value out weighs what you pay to insurance company.....such bs especially these parasites get up to 100 percent commission of paid premiums for tge first year
But your dependents are taxed right? how about death tax? your kids inherit only 60% of your assets, isn't it?
You’re talking about the estate tax? This video is about life insurance so generally speaking no you don’t get taxed for that. Interest and earnings will need to be reported
Life insurance is taxed it's tax exempt.